The reimagined program offers a compelling proposition: a residence permit with a remarkable validity of 10 years, extendable for an additional decade, designed to cater to investors and their immediate family members, facilitating a smooth transition to life in Hungary.
Prospective participants of this revamped program are required to start their journey by obtaining a two-year investor visa. This visa serves as a gateway to Hungary, allowing for multiple entries and providing the flexibility of staying up to 90 days within a six-month period.
A crucial step for investors following their arrival in Hungary is to fulfil the specified investment requirement within a tight window of three months, setting the stage for the acquisition of the residence permit.
The program delineates several investment avenues, each with its specific threshold, tailored to diverse investor profiles:
- An investment of at least €250,000 in local real estate funds, offering a strategic entry point into Hungary’s property market.
- The acquisition of residential property valued at a minimum of €500,000, with a requirement that the property remains under the investor’s ownership for a minimum of five years, ensuring a long-term commitment to the Hungarian real estate sector.
- Contributions starting from €1,000,000 into public funds, earmarked for the support and development of Hungarian higher education institutions, such as universities and colleges, aligning investors’ contributions with the broader educational and societal goals of Hungary.
The Golden Visa program stands as a testament to Hungary’s openness to global talent and investment, promising not only the ease of travel across the Schengen Area but also the potential for future permanent residency and citizenship, subject to compliance with the program’s conditions.
Reflecting on the historical context, Hungary’s earlier foray into investment-driven immigration through the issuance of Golden Visas, active from 2013 to 2017, allowed investors to secure permanent residency via government bond purchases. Despite its cessation amid concerns and a subsequent corruption investigation, the program’s initial iteration saw over 6500 applications, underlining the attractive nature of Hungary as a destination for investors.
As Hungary reopens its doors to foreign investors with enhanced and more stringent conditions, this program is poised to not only attract significant foreign capital but also to enrich the Hungarian community with a diverse pool of international residents committed to contributing to the nation’s prosperity. The Golden Visa program, therefore, marks a pivotal moment in Hungary’s immigration policy, offering a unique blend of investment opportunity and access to European residency.
